Presidential candidates in the United States are accepting campaign donations in Bitcoin.
On Friday, Vivek Ramaswamy and Robert F. Kennedy Jr. both announced their intention to accept BTC donations ahead of the 2024 primary.
RFK Jr. is the first presidential candidate to accept crypto
Robert F. Kennedy Jr., who aims to become the next Democratic presidential nominee, made his announcement Friday during the Bitcoin 2023 convention in Miami. This made his campaign the first in U.S. history to openly accept cryptocurrency donations.
Speaking to a crowd of BTC enthusiasts, Kennedy said that “almost everyone in this room is aware of the connection between Bitcoin and democracy and freedom.”
Additionally, he pledged to champion cryptocurrency if he becomes president. “I will ensure that your right to own and use bitcoin is inviolable,” he told the audience.
During his speech, Kennedy laid out plans to defend Americans’ rights to own and mine BTC.
He also pledged to ensure industry-neutral energy regulation that does not penalize bitcoin miners. He then stressed that the cryptocurrency is not a security and said he will make sure it is not declared as such.
The presidential candidate reiterated his intention to make the US a dominant player in the crypto sector, saying he will improve the political environment and make it more favorable for crypto firms. “I will reverse the government’s growing hostility to this industry,” he said.
In comments likely to appeal to libertarian crypto advocates, Kennedy even hinted at a presidential pardon for Ross Ulbricht. The founder of the Darknet marketplace Silk Road is currently serving two life sentences on multiple charges. “I will consider whether they were prosecuted for actual crimes or as a means to combat cryptocurrency,” Kennedy said.
Republican candidate Vivek Ramaswamy uses BitPay to accept BTC donations
Not to be outdone by the Democrats, the Republican Party has its own bitcoin champion in Vivek Ramaswamy.
Just hours after Kennedy made his landmark announcement, Ramaswamy tweeted that his campaign would also be accepting BTC donations. He shared a BitPay donation link and urged his followers to donate a dollar. “Let’s make 2024 a fiat currency election,” the tweet ended.
After following the link, US citizens are invited to donate up to $6,600 worth of crypto. Besides Bitcoin, BitPay’s payment service also supports other cryptocurrencies, including Bitcoin Cash, Ether, Litecoin, and Dogecoin.
Anyone who donates to Ramaswamy’s campaign will then be eligible to mint a commemorative NFT using the Proof of Attendance Protocol (POAP).
Lawmakers want to curb crypto in campaign finance
Kennedy and Ramaswamy may be the first US presidential candidates to officially include cryptocurrencies in their fundraisers. But crypto donations themselves are nothing new for politics.
In Ireland, the government banned all crypto donations to political parties last year. The decision was made due to concerns that cryptocurrencies could be used to disguise the origin of funds.
And in February, lawmakers in the Kansas House of Representatives introduced a bill that would change the rules on political campaign contributions.
The law would ban crypto donations of more than $100 to any political candidate in the state’s primary or general election. Even for donations under the $100 mark, recipients would have to convert their donations to dollars immediately.
FTX Political Contributions Spotlight
Attempts to get a handle on cryptocurrency’s role in campaign finance come as political donations from Sam Bankman-Fried’s collapsed business empire come under intense scrutiny. The FTX founder was one of the largest political donors in the US. He reportedly spent nearly $40 million in the 2021/2022 election cycle.
And he wasn’t alone either. Other FTX executives also donated money to campaign funds.
The property of the company’s former co-CEO was recently raided by the FBI as part of an investigation into FTX’s collapse. Agents searched Ryan Salame’s home, with many speculating the raid was linked to political donations. Salame reportedly donated around 24 million to political campaigns.
Nishad Singh, the former chief technical officer of FTX, was also a prominent political contributor. Singh pleaded guilty to fraud and campaign finance charges in February.
Meanwhile, the bankrupt exchange is demanding that recipients return their donations. In order to recover creditors’ funds, the company has threatened to sue political campaigns that fail to return the money received.
Disclaimer
In accordance with Trust Project policies, BeInCrypto is committed to unbiased and transparent reporting. The goal of this news article is to provide accurate and timely information. However, readers are encouraged to independently verify the facts and consult a professional before making any decisions based on this content.
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